Taxes On $1.34 Billion Mega Millions Jackpot May Be More Than You Think..

Mega Millions' jackpot has increased to $1.1 Billion, from $810 M.

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It's easy to become lottery mania with these eye-popping numbers.

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While winning would be wonderful, taxes can also be very high.

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The IRS takes 37% of winning lottery tickets. Curiously though, only 24% of the winnings are withheld and sent to the government.

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This means that you might have to pay an additional 13% when it comes time for tax.

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Depending on whether your state taxes winnings from the lottery, you might have to add state taxes.

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You can withdraw your winnings as a lump sum cash payment. This would amount to approximately $602.5 million before taxes.

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You can also choose to receive your winnings in monthly installments of 30 payments over 29 years.

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You have to think about taxes, no matter what.

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Mary Peltola wins U.S House Race after Defeating Sarah Palin

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